Hello,
I am going to open a new savings account in the near future. I am currently using Chase and I am earning a dismal .01% interest in my savings account. I am thinking about possibly switching to Ally Bank where the APY is .99%. Does anyone have any recommendations? Any experiences with Ally? Any insight would be greatly appreciated.
Thank you!
I've pondered this many times, and GE, Ally, Capital One and a handful of other online banks offer decent rates ~1%.
On a 20k balance, that's $200/yr. I don't know your financial situation, but that's not worth gaming considering what I want a bank to actually do for me:
- convenient interface
- check writing
- bill pay
- clear understanding of account types
Whether I make 200 or 0 really won't make much of a difference in my total financial picture. Anyway, just my opinion. Don't get too caught up in squeezing out a tiny interest amount from a relatively small balance when your investments could easily outearn that by spending a bit of time.
For what it's worth: I have been a Capital One banking customer since 2010, a BofA banking customer since 2007, and Schwab since 2014. I use Capital One for most of my cash needs (bill pay, check deposit, etc), I use BofA to manage banking for a rental property, and Schwab because they have a debit card with no fees anywhere and I had a brokerage account there anyway.Today, the interest really doesn't matter, however, things may change if rates normalize and we see 2-3% on savings accounts again.
If there was a bank where I could get (almost) everything, I'd be very happy.